Pulse of the Caribbean

#72 Caribbean News Round Up Episode 1 Week of July 7

• Pulse of the Caribbean

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Dive into today's Episode covering Caribbean headlines on major policy changes, investment strategies, leadership milestones, and environmental challenges affecting the region's economic landscape and future development.

  • Historic tax legislation guarantees $13.25 per proof gallon to Puerto Rico and USVI, providing over $1 billion in next decade
  • Barbados Mount Gay Rum featured in groundbreaking global documentary showcasing the world's oldest rum distillery
  • Antigua's innovative plan transfers Jolly Beach Resort to Social Security Board with projected 400 million EC revenue through CBI program
  • New Eastern Caribbean CBI regulatory authority introduces 30-day residency requirement and integration programs for citizenship applicants
  • Dr. Jennifer Simons elected as Suriname's first female president as nation prepares for major offshore oil production in 2025
  • Dominican Republic urges UNESCO to recognize Caribbean's expanding sargassum invasion as an environmental and economic emergency

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Speaker 1:

This is the Pulse of the Caribbean Caribbean News Roundup. Now today's Caribbean News Headlines.

Speaker 2:

This podcast is brought to you by Varleg Ventures for convenient airport transfers and ferry service in the US Virgin Islands and Diamond Key. Marina, yosvendike, british Virgin Islands, home of Foxy's Taboo and Gateway to the Bubbly Pool, a natural jacuzzi and hidden gem. Welcome to the Pulse of the Caribbean News Roundup episode one for the week of July 7th. Here's a look at what's making Caribbean headlines. Welcome to the Pulse of the Caribbean News Roundup episode one for the week of July 7th. Here's a look at what's making Caribbean headlines. We start our report in Puerto Rico and the US Virgin Islands.

Speaker 2:

On July 4th, us President Donald Trump signed HR.1, the One Big, beautiful Bill Act, permanently fixing the rum cover over cost at $13.25 per proof gallon. For Puerto Rico and the US Virgin Islands, a historic victory. The tax reconciliation package cornerstones ensures constant flow of federal excise tax income from run production, anticipated to give over $1 billion to the territory's treasuries over the next decade, ending decades of uncertainty. The move is heralded as a lifeline for both territories' economies, which depend on these monies for public services and employment generation. In 1917 for Puerto Rico and in 1954 for the US Virgin Islands, the rum cover-over policy transferred federal excise duties on rum produced or imported into the United States to the territories. The current rum excise tax is $13.50 per proof gallon, with $10.50 permanently distributed to the territories and $2.75 requiring congressional reauthorization. Section 7652 of the Internal Revenue Code of 1986 will be amended to make the full $13.25 rate permanent on December 31, 2025, 21st 2025, eliminating the need for temporary extensions that have caused fiscal uncertainty and bolster us virgin islands and puerto rico's budgets. Over 70 percent of us rums comes from puerto rico, which received 519 million in cover over payments in 2021. The the US Virgin Islands home to Captain Morgan and Cruis' Distilleries received $281 million that year.

Speaker 2:

In other news out of Barbados, a groundbreaking global documentary series, drink A Look Inside the Glass, features Barbados Mungay Rum in its second episode. The episode, accessible on Apple TV, prime Video, tubi and Roku, gives a unique and engaging look at the world's oldest rum distillery and its historic rum-making legacy, highlighting Mungay Rum's craftsmanship and founding heritage. The documentary series by three Canadian brothers is considered a pioneering move in drinks and entertainment Mungay's history, from its founding to its distillation. Innovation is explored in drink Through drink. Viewers have behind-the-scenes Mungay access to meet the people, see the manufacturing and observe Mungay's process that has produced award-winning and worldwide-loved rums for over 320 years.

Speaker 2:

Now on to Antigua. The government of Antigua and Barbuda is moving forward with a daring investment plan that would give Antigua and Barbuda's Social Security Board control of the Jolly Beach Resort. This is part of a long-term effort to make the pension plan more sustainable. Antigua and Barbuda's Prime Minister, gaston Brown, said that the 315-room beachfront property, which is worth 67 million EC and covers 27 acres, will be given to the nation's Social Security to help pay off some of the government's long-term debt. The debt comes from a $330 million bond that was issued in 2010. The plan is to sell the current hotel rooms for 900,000 EC each through the Citizenship by Investment Program. This is purported to bring in about 200 million EC after paying for administrative fees. Then another 75 million EC will be put into building 200 new units on the property. Each unit is expected to sell for 1.3 million EC to bring in an extra 200 million EC in net revenue. The government of Antigua and Barbuda expects to make 400 million EC over the next 10 years, which is an average of 40 million EC per year. Prime Minister Gaston Brown said that this strategy does much better than regular fixed deposits, which only pay roughly 2% a year. The hotel's operation would also have an impact on the revenue stream. According to the plan, if the Social Security were to keep the resort and run it, it could raise net income from the current 4 million EC to 10 million EC a year.

Speaker 2:

Now we take a look at the Region Citizenship by Investment Program. The proposed legislation for the creation of a regional regulatory for Citizenship by Investment programs in the Caribbean region has been released by the Interim Regulatory Commission. The Eastern Caribbean Citizenship by Investment Regulatory Authority will be the name of the regulatory organization. The Eastern Caribbean Citizenship by Investment Regulatory Authority will be tasked with regulating and maintaining public confidence in the citizenship by investment programs in the participating nations. According to the draft agreement, in response to international scrutiny and pressure, Caribbean nations implementing citizenship by investment programs have proposed mandatory integration programs, a 30-day residency requirement and a genuine link to the countries. In order to be eligible for citizenship passport, applicants for any of these Caribbean nations must live there for a minimum of 30 days, complete integration programs and demonstrate genuine links. The draft agreement between the Citizenship by Investment programs operated in Antigua and Barbuda, dominica, grenada, st Kitts and Nevis and St Lucia suggests an annual cap on applicants. The July 1, 2025 draft agreement that calls for the establishment of a regulatory body to supervise the Citizenship by Investment program in the five Caribbean nations outlined the new requirements, which mark a departure from the previous approach of granting citizenship without requiring applicants physical residency for at least 30 days. The new regulatory authority, which will determine and approve the maximum number of applicants to be granted citizenship in each participating state in a fiscal year, will receive monthly reports from each of the participating nations. The draft law will be open for public comment until July 16 and can be found on the Eastern Caribbean Central Bank's website.

Speaker 2:

Next up, suriname Parliament elects Jennifer Simons as first female president. After this Visit, stjohnticketingcom, the reliable go-to service for locals and visitors alike, charlotte and Molly to Cruise Bay Ferry Service, is now available at the Edward Wilmot Blyden Ferry Terminal located on the waterfront in downtown St Thomas, the fastest and most affordable way to travel when exiting the St Thomas Airport. Purchase your downtown ferry tickets and see departure times for Cruise Bay and downtown St Thomas on our website stjohnticketingcom. Safe, fast and affordable is the way to go. Designated taxi and transportation services are also available to pick you up from the airport and take you to the downtown ferry terminal and on your trip back from the downtown ferry terminal and on your trip back from the downtown ferry terminal to the St Thomas Cyril E King Airport, visit stjohnticketingcom, the reliable go-to service for locals and visitors alike. This is the Pulse of the Caribbean News Roundup, episode 1, for the week of July 7.

Speaker 2:

Suriname's parliament voted for Dr and former Speaker Jennifer Simons as the country's first woman president on Sunday, setting her up to lead an oil-booming nation. After the ruling party and its primary opposition virtually matched for legislative seats six weeks earlier, surinamese ministers of parliament endorsed Simon as president in a coalition accord. In the May 25th parliamentary election, simon's National Democratic Party gained 18 seats and the Progressive Reform Party 17 seats. Six seats went to smaller parties. Suriname president is indirectly elected. After the general election, the National Assembly members elect the president, who must receive a two-thirds majority. After lawmakers applauded her selection, simon, 71, said I come into this office to serve and I will use all my knowledge, strength and insight to make our wealth available to all of our people. Simons promised to prioritize youth and underprivileged groups. Total Energy's first major offshore oil and gas project in Suriname is projected to boost income. Production will commence on Grand Morgue in 2025. 2025. Suriname's reserves may help it compete with Guyana, whose economy increased 43.6 percent last year, as a producer.

Speaker 2:

Suriname, a former Dutch colony, gained its independence in 1975. And here's our final note. The Dominican Republic's permanent delegation to the United Nations Educational, scientific and Cultural Organization, unesco, has again urged the international community to acknowledge the Caribbean's expanding sargassum invasion as an environmental, economic and public health emergency. The Dominican Republic's ambassador, larisa Velaz, told the International Oceanographic Commission that sargassum is no longer a seasonal issue but a growing crisis. She cautioned that over one million tons of invasive macroalgae harm marine biodiversity, human health, tourism and fishing in several Caribbean coastal areas. The statement continued by calling for global solidarity, financing and technical cooperation, stating that UNESCO's Intergovernmental Oceanographic Commission can lead an urgent and science-based regional response to the Caribbean Sargassum Problem.

Speaker 2:

This podcast has been brought to you by Varlic Ventures for convenient airport transfers and ferry service in the US Virgin Islands and Diamond Key Marina, yosvendike, british Virgin Islands, home of Foxy's Taboo and Gateway to the Bubbly Pool, a natural jacuzzi and hidden gem. Have news and information you'd like to share with us. Send news releases to news at pulseofthegaribbeancom. This has been your Pulse of the Caribbean News Roundup, episode 1, for the week of July 7th. Here's a shout out to our listeners in Grenada and New Jersey. Thanks for listening and do spread the word and share our podcast across the region and the diaspora. I'm Keisha Blyden. See you next time.

Speaker 1:

For more Caribbean news stories and information, visit us online at pulseofthecaribbeancom. If you found value in this podcast, be sure to like and subscribe wherever you listen to podcasts, and thank you in advance for choosing Pulse of the Caribbean Caribbean News Roundup as your source for Caribbean-centered news.